Unit sells for millions
Toowoomba owners’ $4.4m breaks record
A BUILDING record in one of Queensland’s coastal hot spots has been smashed with the sale of a three-bedroom unit for 10 times the suburb median.
A Toowoomba family sold their three-bedroom apartment in the prized Sea Pearl building for $4.4 million on Monday, a rare feat for units in the area.
The median unit price in Mooloolaba was $405,000, with the area considered a high demand zone by realestate.com.au.
The three-bathroom, double car space apartment at 1001/87 Mooloolaba Esplanade, Mooloolaba, was on the market for just over three weeks before the deal was sealed, agent Simon Guilfoyle of G1 Property — Mooloolaba told The Courier-Mail.
“This is the highest price fetched for this building.
“It’s possibility the second highest along the Mooloolaba Esplanade …
“It was a NSW family (buyers) and it was on the market for 26 days,” he said.
CoreLogic records show the highest price fetched for an apartment in the area was $4.5m for a 448 sqm three-bed apartment.
Most other high pricetags in the area were for houses including one on Neerim Drive that sold for $4m three years ago and another on Carwoola Crescent that fetched $3.9m five years ago.
“It’s a phenomenal building and the quality of the product is the best in Mooloolaba.
“They are rarely traded as well,” Mr Guifoyle said.
Factors helping drive up the price included the apartment’s size at approximately 274 sqm, views across the water, and the fact that stock in the area was tightly held.
“Mooloolaba is coming into its own.
“In terms of new buildings of 10 stories or higher, there’s only been three in the last 12 years, so it’s stock that’s tightly held. “We need more new stock.” The Toowoomba family’s name was kept confidential. To see all the latest homes for sale, don’t miss the real estate life-out in Saturday’s The Chronicle.